Welcome to the Gevo’s Second Quarter 2018 Earnings Conference Call. My name is Sheryl, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will be conducting a question-and-answer session. Please note that this conference call is being recorded. I will now turn the call over to Geoffrey Williams, Gevo's General Counsel and Secretary. Please go ahead, Mr. Williams.

Good afternoon, everyone and thank you for joining Gevo's second quarter 2019 earnings conference call. I would like to start today by introducing today's participants from the Company. With us today is Patrick Gruber, Gevo's Chief Executive Officer, and Carolyn Romero, Gevo's Vice President Controller and Principal Accounting Officer. Earlier today, we issued a press release that outlines the topics we plan to discuss today. A copy of this press release is available on our website at www.gevo.com. I would like to remind our listeners that this conference call is open to the media and that we are providing a simultaneous webcast of this call to the public. A replay of today's call will be available on Gevo's website. On the call today and on this webcast, you will hear discussions of certain non-GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from or as a substitute for, financial information presented in accordance with GAAP. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is contained in the press release distributed today and which is posted on our website. We will also make certain Forward-Looking Statements about events and circumstances that have not yet occurred, including, but not limited to, projections about Gevo's operating activities for the remainder of 2019 and beyond. These forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to significant risks and uncertainties, including those disclosed in Gevo's Form 10-K for the year ended December 31, 2018, which was filed with the U.S Securities and Exchange Commission or SEC and in subsequent reports and other filing made with the SEC by Gevo, including Gevo's quarterly reports on Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements. Such forward-looking statements speak only as of today's date and Gevo disclaims any obligations to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise. On today's call, Pat will begin with a discussion of Gevo's business and strategy. Carolyn will then review Gevo's financial results for the second quarter of 2019. Following the presentation, we will open up the call for questions. I will now turn the call over to Pat.

Thanks, Jeff. Today I have a short presentation that makes clear our plans and our status. Now this presentation is available on our website and part of the webcast under the investors webcast tab. Before I get to that, though, here are some short takeaways. We are making great progress on our commercial off take agreements. We are very glad to have Air TOTAL signed up. You can read the press release, but don't need to go into it here, its goods news though and it is a sign of things to come. We are engaged with more energy companies at airlines than ever before. In fact we have something like over hundred million gallons of jet isooctane under discussion for contracts. We only have about five million gallons to sell, to justify building out our big plant in Luverne, Minnesota that we are talking about for a while. 100 million gallons on a negotiation, five million gallons of soft and I'm pretty sure we are going to get that done. In fact, it is my hope that we maybe will even get to build much more than a 10 million to 12 million gallons hydrocarbon plant and maybe it needs to be much, much bigger. That would be great. We have several LOI or Letter of Intent from potential lenders and investors in the table, this is good. I'm very confident we will be able to get deals done to fund what we want to do. We also have some who want to invest equity in our production assets, we will be sorting this out over the next few months, you will have to stay tuned, because if this come together it is going to be very exciting. Now I’m going to take you through this deck, this presentation.…

- 9.4 million in the same period in 2018. Cost of goods sold was 8.5 million in the second quarter of 2019 versus 10.7 million in the same period in 2018. Cost of goods sold included approximately 6.9 million associated with production of ethanol, isobutanol and related products and approximately 1.6 billion in depreciation expense. Gross loss was $3.4 million for the second quarter of 2019 versus $1.3 million for the first quarter of 2018. Research and development expense decreased by $0.5 million during the second quarter ended 2019 compared to the same period 2018 due primarily to a decrease in cost associated with our South Hampton facility offset by an increase in personal consulting expenses. Selling, general and administrative expenses increased by $0.5 million during the second quarter of 2019 compared with the same period in 2018 due primarily to increase in personal, travel, legal and investor relations cost offset by decrease in professional fees. Within total operating expenses for the second quarter of 2019, we recorded approximately $0.1 million for non-cash stock-based compensation. For the second quarter of 2019, we reported a loss from operations of $6.5 million compared to $4.4 million for the same period in 2018. In the second quarter of 2019, cash EBITDA loss, a non-GAAP measure which is calculated by adding back depreciation and non-cash stock-based compensation due to GAAP loss from operations, was $4.7 million compared to $3 million in the same quarter of 2018. Interest expense for the second quarter of 2019 was $0.8 million, a slight decrease compared to the same period in 2018. For the second quarter of 2019 we recorded a net loss of 7.1 million by a loss of $0.60 per share based on weighted average share outstanding of 11, 885,524 million shares. This compares to a loss of 11.5 million in the second quarter of 2018, our loss of $7.19 per share. In the second quarter 2019 Gevo recognized net non -cash gain totaling $0.1 million due to changes in the fair value of certain of our financial instruments, such as warrants and embedded derivatives. Adding back these non-cash gains resulted in a non-GAAP adjusted net loss of $7.2 million in the second quarter of 2018 or a non-GAAP adjusted net loss per share of $0.61. This compares to a non-GAAP adjusted net loss of $5.3 million in the second quarter of 2018 or a non-GAAP adjusted net loss per share of $3.31. Having a stronger balance sheet is important to moving our business forward, developing and growing our business. With that, I would like to thank all of our shareholders for their continued interest and support in Gevo. Let's open up the call for questions. Operator?

Thank you. [Operator Instructions]. And our first question comes from Amit Dayal from H.C. Wainwright. Your line is open.

Thank you. Hi Pat. So from your comments span it seems that there is quite a large appetite for jet fuel and isooctane products. I know you are negotiating, financing et cetera to build everything out. The question I guess is are you moving as fast as you can or are you just held up a little bit because of bureaucracy, formalities, processes et cetera, I mean what is the time line on securing all this and starting to actually meet this type of customers demand at least with the one million gallon level first and then going on to step two of your plan.

Right, so there is similar parts for this right, one of them is decarburization because that is almost a pre-requisite that we have to reduce carbon footprint and that it give us the most secure and profitable position for delivering our fuels. The fuel energy and wind projects is very furlong I expect to sign definitive documents very soon. It is just a matter of days or weeks could be I suppose as the large get to it in the final details, but it is something very, very soon. And that's a big deal because that wipe out the vast majority of our electrical footprint. The biogas projects we are going to get them underway and then we will get Gevo Energy going. We have several parties interested in both off taking gas from us, but I want that gas for our plant, because it lowers carbon footprint. We think it is more viable putting it through our biofuel and selling it to a pipeline and we have a number of people offering to finance that. So we are in the midst of here, lots of we got to get to finish off the deal with the farmers, the dairy, the banks et cetera, but that's going to happen I think I’m very, very confident that is a nice business onto itself and its going to lower our carbon footprint. And as far as the build out go, we have several parties interested in financing the one million gallon hydrocarbon plant that is already designed, its ready to be build that is just waiting on the financing. I don’t want to spend the money that I currently have on the balance sheet for that, because we have good take-or-pay offering in place to profitable plant, good paybacks, it is a nice deal and people can see that on the debt side and they like it. So were going to trying get our set up so we can take advantage of that. And then in the overall big plant we are going to have, I hope we will have the financing in places to deliver this contracts will be ready to go. So that means it won't take very long. So the timeline would be in 12-months from now we could have our one million gallon hydrocarbon plant online. I would expect something like that maybe will be 13-months or 14-months but it is in that kind of range because we skid mounted, to build a big plant it is going to probably take two and half years or less maybe two years, and so we got to get it finance and that will be the gating item. But like I said, we got lots of people now negotiating with us on financing things.

Understood. With respect to sort of how you are managing the business right now, ethanol prices pressured in the market at this point, how are you planning to manage production for the rest of the year - minimum.

Yes, sure. I’m glad you asked that, because this is like one of my irritating things is that our profitability has been driven by ethanol, we are more of a milestone business, yet we have to report these things earnings-per-share it is quite irritating to see these sententious reports about how we missed. We are able to slow down our grind, reduce our grind, we produce less when - or stop even put a pause on when ethanol price are low and core prices, I mean it is stupid to keep grinding once you are going to negative contribution margin space, so we don't do that, it is a policy we just don't do that. So throughout the year, you are going to - compared to what we thought the margins were going to be for the being of the year, we are going to have less overall margin, less overall revenue from ethanol. Animal feeds have been doing pretty good, but we turn it down and we had to install the dry frac system, which by the way is working pretty good. You know, we just didn't hurry and rush and turn it back on when corn prices are high that would be stupid and self-defeating.

In the press release you talked about hydrocarbon shipments being delayed this quarter could you give any color on what happened over there?

Part of it was due to an electrical outages down in the Huston area. And that was probably due to storms, probably due to just plain old infrastructure issues like a transformer blew or something like that and that caused power to be down, that caused stuff to fall behind in production, they made up the production, the plant is working quite well and then try to get the stuff out the door so we could hit this quarter, but it just didn’t make it in time.

Understood. And then just one final for me. In terms of inventory right now what is in it, it doesn’t - would you comment on just what the isobutanol.

We got quite a lot of isobutanol our hydrocarbons were - we don't have very much in inventory per say not because plants were generally small there anyway, but we are shipping that stuff generally as soon as we can, we have some jet fuel that is now committed because of TOTAL and air fuels.

Got it. Those are the questions and I will take my other questions offline. Thank you so much.

Thanks, Dayal. No problem.

And we have no further questions in queue at this time.

Alright, in that case then I thank you all for participating in this conference call. These slides are important, take a really good look at them. This is really telling what we are intending to do, planning to do in our business. There is a lot of interest, lot of excitement. The financing thing is quite the different story, is the debt finance we are talking about here and its quite interesting and it is based on having these off-take agreements in place which in part we have already. Thanks for joining us. Bye, bye.

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating. You may now disconnect.